Discuss about the importance of goals and planning in a business.
Goal setting and planning is an important part of every business as it helps the business to stay focused. Setting goals helps the business in many ways and also improves the performance by directly the routes that need to be followed to accomplish the goals. This report covers the views of miles and vergens on the behalf of setting goals and planning. They have set various conditions that need to be followed to achieve the desired goals. The ‘Management by Objectives’ methodology has also been introduced in this report; this is a method that covers the plans designed by mangers to meet up the objective in desired time bound. They develop plan to manage the team in a proper manner by looking at all the contingency factors. Contingency factor is one of the reason mangers believe in planning (Anthony, 2016). These factors are important to be considered; otherwise the company might offer from huge loss or failure. Having a plan that could be adopted at time of unexpected condition is beneficial as it will make sure that business continue to work in every condition. In this report different type of plans that exists in an organisation has been discussed. Strategic plan is used for developing long term goals, tactical planning is used for short term goals and operational planning is generally used for implementing methods to achieve the defined goals and objectives.
For a successful business it is necessary to set up the goal and then plan accordingly. Planning for a business means identifying the objective and then planning a process to achieve the goals. If an organisation is working according to the goals help in having a detailed focus on the objective by measuring certain standards. The importance of setting up specific goals helps in reaching to the desired outcome efficiently. Planning helps an individual to know what an organisation wants to do and have detail knowledge about all the minute requirements. Setting up the goal also helps in monitoring the objective and work efficiently in order to achieve them. Implementing the business goals helps the employees to work accordingly and help business achieve an attainable place in the market. The goal set up initially is the reason of motivation to employees (Small business, 2016). Establishing relevancy while planning the goals helps the business in improving the performance. It is beneficial to set the goals and then work accordingly as having an objective given the motivation to achieve the desired outcome. It will ensure that they are relevant to the success of your business. Setting up the goals and attaching deadlines to the goals increases the efficiency of an organisation. Goal setting is the procedure of determining what organisations need to accomplish and they invest in making a plan to achieve the desired result. For businesses, goal setting is an important part of business planning (Osman, 2016).
Setting up the business goals is important as it helps in applying different strategies that are used for setting up strategies to achieve greater success. While setting up the goal some factors need to be taken care. It works on the framework of SMART acronym where it stands for specific, measurable, attainable, and relevant and time bound. The framework states that goals must be specific so that maximum profit could be attainted. Apart from that goals must be measurable so that more efforts could be done for betterment. The goals can be measured that they are adding productivity to business or not (Personalitytutor, 2016). The goals set should be challenging but on the same time they need to be attainable. Accomplishment of goal can helps the business grow in a defined time period. The framework states that defining a plan and plotting the way to achieve it should have a proper time-bound (Venkatesh, 2017). Additionally goals should be relevant in terms of company’s progress. Importance of goal setting and planning the process helps in visualizing the objective of the business. It helps in understanding the objective in a better way.
It is important to set well-defined goals for a business die to some reasons:
Miles & Vergen’s has different understanding in terms of setting up the goal. They offer various guidelines for a business to increase the motivation and achieve the desired goals. The study of these authors helps in improving the performance by providing clarity about what need to be done. In their strategy they depicts that owners need to focus on the strategies that will enable organisation to respond to the environmental changes. They suggest that managers need to make plans as they are considered as brains of a business. They understand the business in a better way thus they implement plan and policies that help the business to meet the objective (Haebich, et. al, 2018). They make sure that to meet the objective sustainable strategies are designed that follow the coherent logic to coordinate with all the activities. They also cover the ways to attract and allocate resources in the organisation so that they could work to support the strategy. They help in managing the business and the form in which organisation should work. They suggested that setting up goal is beneficial as it would help the business to grow faster.
The three conditions that are ensured by Miles and Vergern’s to satisfy the practices in goal setting.
The approach of Management by Objective is the approach in which all managers are required to set up objectives and goals that need to be accomplished. It helps the managers in knowing what can be done additionally to enhance the performance. Management by objective is an approach that is designed for all the supervisors in an organisation. It can be seen as a meeting in which managers as well as their team members sit together to meet the specific objective (Rose, 2016). Every organisation uses this methodology to accomplish the objectives within a time frame. Using this approach the profit margin of a company increases. This can be seen as insertion of an element in a process that can pass the plan from one level of organisation to another. They are used to develop plan for every objective in which the team members understands their responsibilities to achieve the desired goals. After understanding the goals their achievements are measured regularly (Berger, 2015). Managers along with team members review the overall progress and then re-design the plans if any modification is required. These analyses could be used to promote the employees according to their performance by increasing the salary and on the other hand if any employee is not performing up to the mark they could be fired or provided with proper training session or supervision from managers. It requires that employees set up achievable goals that are based for providing benefits to an organisation. It is supervision and managed by managers and their subordinates by working in a team to achieve the goal. This method is very useful as it focuses on first setting up the goals then working on it to achieve it. It also helps in measuring the goals and then adjusting the needs accordingly (Azizivahed, et. al, 2018). It improves the efficiency of an organisation by saving the resources and increasing the goals that need to be achieved. MBO helps in better managing of goals by better on goals and every activity that is practised by an individual. It not only helps in setting goals but also guarantees that all the objectives and resources are balanced. The reason behind launching the goals is that there is a need of better and result oriented planning. This method forces the management team to think about how to plan the result rather than just working without any planning (Locke and Latham, 2016). Many way and means are decided for achieving the objective. In short, it can be stated that it improves the overall management of an organisation.
There are various contingency factors that have influenced mangers approach to planning and these factors affect the on-going business operations. The contingency factors that affect planning of manager level in the organization cover the uncertainty of environment. There are two main methods of planning one is the traditional approach that makes use of complete planning and has plans already developed by top managers that are disturbed to team members in lower department (Tubbs and Ekeberg, 2010). The second approach involves more structural planning process.
Contingency factors help in predicting the future of things that are not in control of mangers. It covers natural disasters, economic crises and all other events that may cause failure to the business. It is important to prepare the solution related to contingency factors so that risk is not propagated into the business. These factors forces mangers to develop proper planning so that company do not suffer any loss (Melan, 2017). It can be treated as an example an individual fails to complete the work which may led to serious threats. Thus it is important to deal with these situations so that these issues could be mitigated easily. Mangers prepare for the worst contingency situation so that there is surety of survival.
Contingency factors could be cultivated among employees by providing proper training and treating an individual how they can deal with the emergency situation. Mangers also prepare proper deadline scheme so that the work is completed within deadline. Mangers follow various strategies to achieve the objective by implementing changes in the strategy. Environmental factors also affect in making decisions as it is difficult for the managers to find out the uncertainty in the environmental changes (Howorth, et. al, 2015). The organisation also adapt to changes by taking flexible and responsive measures. These factors help in designing the company according to the environmental challenges. The uncertainty could be either high or low thus it is important for mangers to design the solution plan. It helps in recognizing that a business is constantly changing. It is the duty of managers to consider all the contingencies before making plans (Manning, 2017). This approach says that there is no single way to manage the business rather than that managers need to remain ready to make changes and design plans that fit in a best way. The organisational structure and the style of management depend upon the type tasks that are done in the business (Alesina, Favero and Giavazzi, 2015).
Some of the major type of planning includes strategic plans, tactical plans and operational plans.
Conclusion
It can be concluded from this report that goal setting and planning is an important part for every organisation to work successfully. Setting up the goal is helpful for every business to achieve the objective. Planning the process according to the goals will be beneficial for the business. It is important to set the goals as it helps in visualizing the motive of the business and helps to work according to the goals to meet the objective. In this report the views of miles and vergen’s have been discussed what they feel in terms of setting the goals. It provides a way in which business to work and how should they be supported to meet the requirement. They explained the basic conditions that need to be taken care to achieve the goals. This report covers the analyses of management by objective approach. It can be stated that there are various contingencies factors that influence managers to take part in planning of goals. There are different types of planning methods that is used in an organisation that depends upon the goal that need to be achieved. Thus it can be concluded that this report consists of details of all the factors related to goal setting and planning.
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